Wednesday, February 10, 2010

Loan Issues for the Developer at the Columbian

Looks like there is some loan issues at the Columbian (corner of Roosevelt and Michigan - 1160 S. Michigan). Crain's reports that:
Chicago developer Allison Davis has lost control of a slow-selling $117-million condominium tower overlooking Grant Park, rankling an investor in the project who has sued the lender that took it over.

A unit of Boston-based Fidelity Investments reneged on a deal to modify an $18.5-million mezzanine loan to the Columbian, a 46-story building at 1160 S. Michigan Ave., according to the lawsuit, filed last week in Cook County Circuit Court.

Thanks to YoChicago for leading us to this story.

(Image from

1 comment:

FGFM said...

Anyone know if the previous owner of that lot got the 2 million he wanted or if he got stiffed with the $500,000 that the city wanted to pay?